The Nottingham has reduced its Limited Company BTL mortgage range.
They have repriced a trio of 65 per cent and 75 per cent LTV products, and also confirmed criteria enhancements that could appeal to landlords looking to add to their portfolios.
Their five-year fixed 75 per cent LTV mortgage with fees (£0 upfront, £999 total) is available at a rate of 3.10 per cent (was 3.40 per cent). A product fixed for the same period – and also at 75 per cent LTV – but with no fees has been cut to 3.40 per cent (from 3.70 per cent).
The Nottingham’s five-year fixed 65 per cent LTV Limited Company BTL offering is now priced at 3.25 per cent, down from 3.40 per cent, and is also free of fees.
The rate reductions are timely as it has also announced the below lending criteria changes, which apply to all buy-to-let (including Limited Company) products.
- Maximum loan size increased to £750k (from £500k). This can be on interest-only
- Maximum number of bedrooms in property being purchased increased to five (was four)
- Minimum landlord experience required for portfolio landlords decreased to 24 months (from 36)
Nikki Warren-Dean, head of intermediary sales at The Nottingham, said: “As we’ve said when making rate cuts on a number of occasions over the last couple of months, having a flexible and competitively priced product range is very important. However, lending criteria is also important too. We pride ourselves on being #BuiltAroundBrokers and are pleased to say that these extremely positive criteria changes come partly as a result of their feedback – further evidence of great working relationships between us as a lender and the broker community.”